Pension Contribution

Sir,

I am a banker and recently Bank employees Unions and Goverment has entered into an agreement for wage revision and pension option to bank employees.

Out of wage reviison arrear , employee has to pay 50000 to 70000 to bank pension fund to get pension in future.

This amount of arrear ( 50000 to 70000 ) bank is taxing as income. But when an amount not recieved by employee and given bank to employer for pension in future than is it correct to tax it.   

Regards